Tokyo-based conglomerate Mitsui & Co Ltd, which boasts substantial assets, has recently entered into a strategic partnership with Hong Kong-based Animoca Brands. The move is aimed at catering to the growing demand for blockchain technology in Japan. An agreement was signed by the parties involved to facilitate the adoption of Web3 technology in Japan. The aim of this collaboration is to make strategic investments in the development of Web3 technology within the nation.
Several Japanese businesses and government bodies prioritize the adoption of Web3 technology to boost the economy. Animoca Brands and Mitsui are utilizing the government’s cryptocurrency policies to promote decarbonization and develop infrastructure for the betterment of society.
According to the statement released by Animoca Brands, the strategic partnership between Mitsui and Animoca Brands will be leveraged to offer solutions for societal issues. This will be achieved through the development of collaborative businesses and the establishment of joint ventures in diverse fields.
Furthermore, the Japanese government and the Japan Business Federation actively encourage the adoption of Web3 technology to boost the economy. Animoca Brands and Mitsui are leveraging the government’s cryptocurrency policy to advance decarbonization efforts and establish infrastructure that promotes overall well-being. Animoca Brands is a prominent player in the Web3 sector, with a strong presence in Asia. Over the years, they have invested in over 450 companies in the Web3 industry. Animoca Brands provides a range of Web3 products, including Colossal, Axie Infinity, OpenSea, NBA Top Shot by Dapper Labs, Yield Guild Games, Harmony, Alien Worlds, and Star Atlas.
In response to tightening regulations on digital asset companies in the United States, Animoca Brands has strategically expanded its operations into markets that are more receptive to cryptocurrencies, particularly in East Asia. The company has received a $22.5 million investment from MUFG, which happens to be the biggest bank in Japan.
The CEO of Mitsui, Kenichi Hori, holds a positive outlook on the progress of Web3 in Japan as the organization adopts blockchain technology. The stock market of Mitsui witnessed a surge of 85 percent in the previous year and 49 percent in the current year, with the trading of shares hovering around 5,744 on Tuesday. The “over” rating by analysts signifies a positive outlook towards the $8.23 trillion company.
The alliance between American and Japanese technology firms is reinforced by Berkshire Hathaway Inc. (NYSE: BRK.B) investment in Mitsui and other Japanese technology companies. According to Warren Buffett, who serves as the CEO and Chairman of Berkshire Hathaway, Japanese equities are presently undervalued. Mitsui has secured a position among the top ten holdings of Berkshire Hathaway. Berkshire Hathaway has invested in two other Japanese technology companies, namely SoftBank Group and Sony.